Biogen Beneish M-Score Historical Data
The historical data trend for Biogen's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Biogen Beneish M-Score Chart
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Biogen Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.84 |
-2.91 |
-2.22 |
-2.31 |
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Biogen Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.37 |
-2.24 |
-2.18 |
-2.31 |
-2.34 |
Competitive Comparison of Biogen's Beneish M-Score
For the Drug Manufacturers - General subindustry, Biogen's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Biogen's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Biogen's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Biogen's Beneish M-Score falls into.
Biogen Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Biogen for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0395 | + | 0.528 * 1.044 | + | 0.404 * 1.3393 | + | 0.892 * 0.9069 | + | 0.115 * 0.9355 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.113 | + | 4.679 * 0.001379 | - | 0.327 * 0.9542 |
| = | -2.37 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was R$9,958 Mil.
Revenue was 11406.232 + 11692.393 + 12496.393 + 11920.687 = R$47,516 Mil.
Gross Profit was 8706.184 + 8662.846 + 9238.826 + 9043.899 = R$35,652 Mil.
Total Current Assets was R$33,645 Mil.
Total Assets was R$132,301 Mil.
Property, Plant and Equipment(Net PPE) was R$18,442 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,608 Mil.
Selling, General, & Admin. Expense(SGA) was R$12,430 Mil.
Total Current Liabilities was R$16,049 Mil.
Long-Term Debt & Capital Lease Obligation was R$33,348 Mil.
Net Income was 1959.053 + 1223.48 + -336.325 + 2871.449 = R$5,718 Mil.
Non Operating Income was -265.921 + -580.136 + -2015.483 + 291.222 = R$-2,570 Mil.
Cash Flow from Operations was 2754.825 + 61.247 + 2925.686 + 2363.752 = R$8,106 Mil.
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Total Receivables was R$10,564 Mil.
Revenue was 12828.782 + 13344.298 + 13153.571 + 13069 = R$52,396 Mil.
Gross Profit was 9376.522 + 10349.699 + 10691.7 + 10625.913 = R$41,044 Mil.
Total Current Assets was R$50,849 Mil.
Total Assets was R$128,123 Mil.
Property, Plant and Equipment(Net PPE) was R$19,272 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,527 Mil.
Selling, General, & Admin. Expense(SGA) was R$12,315 Mil.
Total Current Liabilities was R$15,703 Mil.
Long-Term Debt & Capital Lease Obligation was R$34,427 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (9958.106 / 47515.705) | / | (10564.083 / 52395.651) |
| = | 0.209575 | / | 0.201621 |
| | = | 1.0395 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (41043.834 / 52395.651) | / | (35651.755 / 47515.705) |
| = | 0.783344 | / | 0.750315 |
| | = | 1.044 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (33644.525 + 18442.191) / 132301.334) | / | (1 - (50848.958 + 19271.82) / 128123.226) |
| = | 0.606302 | / | 0.452708 |
| | = | 1.3393 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 47515.705 | / | 52395.651 |
| | = | 0.9069 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (2526.658 / (2526.658 + 19271.82)) | / | (2608.144 / (2608.144 + 18442.191)) |
| = | 0.11591 | / | 0.1239 |
| | = | 0.9355 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (12429.793 / 47515.705) | / | (12314.525 / 52395.651) |
| = | 0.261593 | / | 0.23503 |
| | = | 1.113 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((33347.729 + 16048.899) / 132301.334) | / | ((34427.283 + 15703.408) / 128123.226) |
| = | 0.373365 | / | 0.391269 |
| | = | 0.9542 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (5717.657 - -2570.318 | - | 8105.51) | / | 132301.334 |
| | = | 0.001379 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Biogen has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
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